Transit-Oriented Mixed-Use Property Sells in Olde Town Arvada
DENVER – Olde Town Plaza, a 19,673-square-foot, transit-oriented, mixed-use retail and residential building in the northwest Denver suburb of Arvada, has sold for an undisclosed price.
The Holliday Fenoglio Fowler, L.P. (HFF) team marketed the property on behalf of the seller, Revesco Properties USA — a Denver-based boutique real estate investment and management firm.
Olde Town Plaza is situated at the entrance of Olde Town Arvada, one of Denver’s historic districts, at 5773-5777 Olde Wadsworth Boulevard. The property is located at the highly trafficked “Main and Main” intersection of Olde Wadsworth Boulevard and Ralston Road two blocks from the Olde Town Arvada RTD Light Rail Station, which is scheduled to open in 2018. Additionally, the property, which is 10 miles from downtown Denver, is proximate to some of the area’s most celebrated breweries, restaurants and galleries. Completed in 1938, Olde Town Plaza’s three-story building consists of 10,844 square feet of ground-floor retail and 17 apartment units averaging 519 square feet.
The HFF investment advisory team included directors Chad Murray and Mark Williford.
“Olde Town Plaza was a unique opportunity to acquire a transit-oriented, mixed-use asset at ‘Main and Main’ in one of the hottest growth submarkets of Denver,” Williford said. “The former owner had implemented a successful value-add strategy, and the new owner intends to continue executing on that strategy through the project’s completion.”
Image courtesy of HFF